MIRA
INFORM REPORT
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Report Date : |
24.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
TEPCO TRADING CO LTD |
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Registered Office : |
Tepco Honsha Bldg, 1-1-3 Uchisaiwaicho Chiyodaku Tokyo 100-0011 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
January 2006 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Wholesale of LNG |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
YEN 413.1 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
TEPCO TRADING CO LTD
REGD NAME: Tepco Trading KK
MAIN OFFICE: Tepco Honsha Bldg,
1-1-3 Uchisaiwaicho Chiyodaku Tokyo 100-0011 JAPAN
Tel:
03-3597-0230 Fax: 03-3597-0239
URL: http://www.tepco.co.jp/
(of the parent, Tokyo Electric Power Co)
ACTIVIITIES
Wholesale of LNG
BRANCHES
NIL
OFFICER(S)
TAKAO ARAI, PRES
Hitoshi Tagawa, mgn dir
Koichi Seki, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 7,156 M
PAYMENTS REGULAR CAPITAL Yen 100 M
TREND STEADY WORTH Yen 190 M
STARTED 2006 EMPLOYES 4
COMMENT
WHOLESALER OF LNG, WHOLLY OWNED BY TOKYO ELECTRIC POWER.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 413.1 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established by Tokyo Electric Power Co (See REGISTRATION) in order to advance into wholesaling of LNG. Operations cover not only the Tokyo Electric group firms but also other electric power companies. One deal was reported of LNG sale to Chubu Electric Power. The risen and still rising LNG costs continue help boost sales.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 7,156 million. The operating profit was posted at Yen 173 million, recurring profit at Yen 166 million and the net profit at Yen 101 million, respectively, compared with Yen 11 million a year ago.
For the term ended Mar 2008 the net profit was projected at Yen 103 million, on a 3% rise in turnover, to Yen 7,350 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 413.1 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jan 2006
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 8,000 shares
Issued: 2,000 shares
Sum: Yen 100 million
Major shareholders (%)
Tokyo Electric Power Co*(100)
* World’s largest private electric power company, serving Kanto area including Tokyo, founded 1951, listed Tokyo, Osaka, Nagoya S/E’s, capital Yen 676,434 million, turnover Yen 5,283,033 million, operating profit Yen 550,911 million recurring profit Yen 441,294 million, net profit Yen 298,154 million, total assets Yen 13,521,387 million, net worth Yen 3,033,536 million, employees 52,584, pres Tsunehisa Katsumata
Consolidated Financials are as attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Trading firm for wholesaling LNG (100%).
Clients
[Electric Powers] Tokyo Electric Power, Chubu Electric Power, other.
No. of account
Limited
Domestic areas of activities
Nationwide
Suppliers
Oil refineries, wholesalers, other.
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are owned by the parent, Tokyo Electric Power Co, and maintained satisfactorily.
Bank References
MUFG (H/O)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/03/2008 |
31/03/2007 |
31/01/2007 |
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Annual
Sales |
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7,350 |
7,156 |
0 |
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Recur.
Profit |
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166 |
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Net Profit |
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103 |
101 |
-11 |
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Total
Assets |
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273 |
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Current
Assets |
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223 |
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Current
Liabs |
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83 |
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Net
Worth |
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190 |
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Capital,
Paid-Up |
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100 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
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<Analytical
Data> |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.71 |
.. |
.. |
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Current Ratio |
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268.67 |
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N.Worth Ratio |
.. |
69.60 |
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R.Profit/Sales |
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.. |
2.32 |
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N.Profit/Sales |
1.40 |
1.41 |
#DIV/0! |
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Return On Equity |
.. |
53.16 |
.. |
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Notes: The 31/03/2007 fiscal term is virtually the initial accounting term.
Forecast (or estimated) figures for the 31/03/2008 fiscal term.
SUPPLEMENTS:
CONSOLIDATED FINANCIALS OF THE PARENT, TOKYO ELECTRIC POWER CO LTD
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FINANCES:
(Consolidated
in million yen) |
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Terms
Ending: |
31/03/2007 |
31/03/2006 |
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INCOME
STATEMENT |
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Annual Sales |
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5,283,033
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5,255,495
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Cost of Sales |
4,398,135
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4,296,901
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GROSS PROFIT |
884,898
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958,594
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Selling & Adm Costs |
333,907
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382,317
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OPERATING PROFIT |
550,911
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576,277
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Non-Operating P/L |
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RECURRING PROFIT |
441,294
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426,983
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NET PROFIT |
298,154
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310,388
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BALANCE
SHEET |
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Cash |
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143,856
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109,531
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Receivables |
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388,540
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363,897
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Inventory |
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156,032
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Securities, Marketable |
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Other Current Assets |
162,289
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271,871
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TOTAL CURRENT ASSETS |
850,717
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745,299
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Property & Equipment |
12,670,699
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12,848,566
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Intangibles |
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Investments, Other Fixed Assets |
(29) |
252 |
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TOTAL ASSETS |
13,521,387
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13,594,117
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Payables |
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897,845
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1,051,846
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Short-Term Bank Loans |
362,942
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376,542
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Other Current Liabs |
1,090,617
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901,461
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TOTAL CURRENT LIABS |
2,351,404
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2,329,849
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Debentures |
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4,535,040
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4,905,200
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Long-Term Bank Loans |
1,335,691
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1,372,743
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Reserve for Retirement Allw |
445,312
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441,562
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Other Debts |
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1,780,161
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1,729,343
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TOTAL LIABILITIES |
10,447,608
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10,778,697
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MINORITY INTERESTS |
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35,699 |
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Common
stock |
676,434
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676,434
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Additional
paid-in capital |
19,071 |
19,014 |
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Retained
earnings |
2,186,807
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1,969,972
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Evaluation
p/l on investments/securities |
155,086
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117,773
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Others |
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43,101 |
2,232 |
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Treasury
stock, at cost |
(6,721) |
(5,705) |
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TOTAL S/HOLDERS` EQUITY |
3,073,778
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2,779,720
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TOTAL EQUITIES |
13,521,387
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13,594,117
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CONSOLIDATED
CASH FLOWS |
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Terms
ending: |
31/03/2007 |
31/03/2006 |
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Cash
Flows from Operating Activities |
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1,073,694
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935,622
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Cash
Flows from Investment Activities |
-550,138
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-615,377
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Cash
Flows from Financing Activities |
-514,885
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-350,193
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Cash,
Bank Deposits at the Term End |
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113,926
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104,772
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ANALYTICAL
RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
3,073,778
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2,779,720
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Current
Ratio (%) |
36.18 |
31.99 |
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Net
Worth Ratio (%) |
22.73 |
20.45 |
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Recurring
Profit Ratio (%) |
8.35 |
8.12 |
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Net
Profit Ratio (%) |
5.64 |
5.91 |
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Return
On Equity (%) |
9.70 |
11.17 |
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RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)